XRP is flashing major bullish signals on the cryptocurrency market. There has been an uptick in different metrics, including its open interest. In the last 24 hours, XRP has registered a 3.11% spike in its open interest as traders committed 2.03 billion XRP in futures trading.
XRP open interest and price tease bullish outlook
According to CoinGlass data, this open interest commitment is worth $4.76 billion in fiat currency. The volume indicates investors’ confidence in the market and XRP’s potential to achieve a higher price mark.
This might push XRP outside the price range of $2.10-$2.60, within which it has traded in the last 30 days.
Notably, the surge in open interest could trigger a price increase above the prevailing threshold. This metric indicates the worth of futures contracts investors have opened on XRP, and the more than $4 billion emphasizes holders’ confidence.
Meanwhile, this spike coincides with other bullish indicators. For instance, the XRP price has increased by 2.39% and exchanges at $2.34 within the same time frame. Similarly, investors are actively trading the coin, causing a 26.58% increase to $2.05 in trading volume.
These bullish indicators could catalyze XRP's climb toward the $3 resistance mark. XRP slipped from this level in January and has been unable to reclaim it. In February, it faced rejection at $2.97.
Market sentiment turns as Coinbase sees 3,400% volume spike
As U.Today reported, the XRP ecosystem appears to have moved past the bear trap it experienced last week. The asset has climbed again as investors ignored the sudden price drop recorded last week. True to prediction, the action of bulls has supported a rebound for the coin.
Interestingly, over the weekend, XRP attracted massive interest from traders on the Coinbase exchange. The coin recorded a volume surge of over 3,400% to $1.06 billion.
Investors might record significant gains if XRP sustains the current interest it has generated in crypto.
